GMX/USDC Market Overview for 2025-11-09

Summary
• GMX/USDC surged to a 24-hour high of $9.84, with a strong close at $9.81.
• Volume spiked to 1,182.93 at the peak, while turnover showed a significant late-day rally.
• A bearish divergence in price and volume appeared after the $9.82 high.

GMX/USDC opened at $9.49 at 12:00 ET on 2025-11-08 and closed at $9.81 at 12:00 ET on 2025-11-09, with a high of $9.84 and a low of $9.21. The total 24-hour trading volume was 3,210.30, and notional turnover amounted to $30,778.65. This indicates strong market participation, particularly in the late hours of the 24-hour window.

Structure & Formations

The 15-minute chart shows a significant upward swing following a sharp drop from $9.63 to $9.21. The price then formed a bullish reversal pattern as it recovered and surged above the $9.60 level. A key support level appears at $9.21, while resistance is now likely at $9.82–$9.84, where recent highs formed. The price may test this level again, with a possible continuation or consolidation afterward.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both trending upward, with the 20-line above the 50, suggesting a short-term bullish bias. On the daily chart, the 50, 100, and 200-period MAs are still broadly aligned, with the 50-day line acting as a key trend-following indicator. The price is above all three, suggesting an ongoing medium-term uptrend.

MACD & RSI

The MACD line on the 15-minute chart shows a recent crossover to positive territory, indicating strengthening momentum. However, the RSI is currently at 63, which is in neutral territory and not yet overbought. A move above 70 would signal a potential overbought condition and a potential pullback. A bearish divergence in MACD after the $9.82 high suggests caution.

Bollinger Bands

Volatility has expanded significantly in the last 6 hours, as shown by the widening of the Bollinger Bands. Price recently touched the upper band at $9.84, suggesting a momentary overbought condition. If the upper band holds as resistance, traders may expect a consolidation or pullback toward the middle band.

Volume & Turnover

Volume increased sharply during the late hours, particularly after 14:00 ET, with a notable spike at 14:30 ET when the pair reached $9.76. Turnover also saw a corresponding increase, supporting the volume. However, volume declined slightly after the $9.82 high, indicating some potential exhaustion in the upward move.

Fibonacci Retracements

Applying Fibonacci to the recent swing from $9.21 to $9.84, key retracement levels are at $9.61 (38.2%) and $9.47 (61.8%). The current price near $9.81 is close to the top of the swing, suggesting a possible pullback toward the 61.8% retracement level for a potential consolidation or reversal.

Backtest Hypothesis

A proposed backtesting strategy involves identifying Bullish Engulfing candlestick patterns on the 15-minute chart and holding for 5 days. This strategy would require access to a complete dataset of GMX/USDC daily and 15-minute OHLCV data. As the system currently cannot fetch this data for the specified asset, either a pre-identified list of signals or an external data source must be provided to proceed with the backtest.